RBC Royal Bank hikes special-offer mortgage rates

By Gerv Tacadena

RBC Royal Bank has increased the rates of its residential mortgage special offers.

The table below shows the changes:

Special Offer Rates

Rate

Difference

Three-year fixed closed

3.24%

(increased by 0.10%)

Four-year fixed closed

3.24%

(increased by 0.20%)

Five-year fixed closed

3.24%

(increased by 0.20%)

In making its decision, the bank considered its funding costs and the current market conditions, said Mary Ellen Brown, RBC senior vice president for home equity financing.

"Based on current conditions, our rates reflect the right balance between our clients' expectations and our costs of funding mortgages," she said.

The bank, Brown said, continues to operate in a low-rate environment, and is committed to helping clients understand the full cost of homeownership.

"We encourage homebuyers to do their homework, take the time to know what's right for them when it comes to buying a home, and call or meet with us should they have any questions," she said.

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